After years of work, Reston Association’s Board of Directors formally adopted a new conflict of interest policy last night.
The policy, which was formulated after more than four years of discussion, regulates conflicts concerning economic interests. Board members and other individuals must disclose financial interests through an annual disclosure form, including interests that produce a fair market value of $5,000 or more annually and investments of $5,000 or more in any economic venture. Interests links to family members must also be disclosed.
Individuals covered by the policy are also required to report sources of income exceeding $5,000 per calendar year from businesses or contractual relations with Reston Association or any affiliated Reston interest group.
Board President Cathy Baum lauded RA and its committee for their work drafting the policy.
“It is not a perfect document but I am very proud of all the work and all the people who have been involved in this,” Baum said.
Julie Bitzer, Vice President of the board and a staunch advocate of the policy, said she was also proud that the policy had been formulated.
“Like anything, it can be improved,” Bitzer said.
Due to COVID-19, only two board members were present during the abridged meeting, with all other board members dialing in via conference call.
“I know this isn’t the best way to run a meeting but we have 21,000 members and it’s important that we try to conduct business as best we can,” Baum said.
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